Thursday, 27th May 2004 (3168 views)

Mining company Barrick Gold has revealed new targets to have four new gold mines in production by 2006.

If plans go ahead the new mines would boost company output by 40 per cent, according to Mining Engineering.

The projects would take place in areas including Argentina, Peru, Australia and Tanzania and are scheduled to begin production between the first quarter of 2005 and the first quarter of 2006.

It is hoped the plans will lead to lower costs and higher production in the early years after the new mines are opened.

Peter Kinver, new chief operating officer at Barrick said: "They will also position us to replace and increase reserves through brownfield exploration - exploration around existing operations - once their infrastructure is in place."

Other targets set out for the gold company include gathering the cash flow of existing assets, bringing the new mines into production in budget and on time and producing continuous funding for a large exploration programme.

The company's outlook for gold price is also positive, reportedly due to the continued weakness of the US dollar, global reflation and low interest rates.

 

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